XRP/USD Technical Analysis: Bulls abandon a dead market

The cryptocurrency market is continuing the sideways swim with charts seemingly horizontal at the moment. XRP, without any distinction, is also following a similar trend.

At the time of writing, the cryptocurrency was up by 0.46%. It was trading at a neutral price of $0.45, with a market cap of $18.3 billion. The total 24-hour trading volume was recorded at $248.2 million.

1-hour:

XRPUSD 1-hour candlesticks | Source: tradingview

XRPUSD 1-hour candlesticks | Source: tradingview

In this scenario, the downward trendline from $0.476 – $0.466 and the upward trendline from $0.457 – $0.462 are not showing signs of convergence any time soon. Therefore, a breakout in the price trend appears to be a far away act.

The Parabolic SAR is bearish on the market, with the dots floating directly above the price candles, suppressing the trend.

Similarly, the RSI is unsure of a bullish market and is heading to the bear’s den to negate the price prediction.

However, the Chaikin Money Flow is against the above indicators and is making an uphill climb to flash a green light on the XRP market.

1-day:

XRPUSD 1-hour candlesticks | Source: tradingview

XRPUSD 1-hour candlesticks | Source: tradingview

On the one-day XRP candlesticks chart, an immediate resistance level is set at $0.582, with the support line set from $0.271 to $0.382. There is a strong upward trend seen on the graph.

The Bollinger Bands are forming a narrow path for the XRP price to follow. This is suggestive of a less volatile market for the coin.

The Klinger Oscillator just made a minor bearish crossover by the signal. Furthermore, the reading line is currently approaching a downward trend to predict an unhealthy XRP price trend.

The MACD made a bearish crossover a while back and still has not recovered from the red zone. The indicator has finally taken a neutral stance by moving straight but is traveling underneath the signal.

Conclusion

In the technical analysis, a majority of the indicators have voted for a downward movement of the XRP prices. However, Chaikin Money Flow appears oddly bullish on the market.

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